An inquiry into the nature and causes of the wealth of

CHAPTER II OF RESTRAINTS UPON IMPORTATION FROM FOREIGN COUNTRIES

OF SUCH GOODS AS CAN BE PRODUCED AT HOME .................................................. 361

CHAPTER III OF THE EXTRAORDINARY RESTRAINTS UPON THE IMPORTATION

OF GOODS OF ALMOST ALL KINDS, FROM THOSE COUNTRIES WITH WHICH

THE BALANCE IS SUPPOSED TO BE DISADVANTAGEOUS ....................................... 378

Part I — Of the Unreasonableness of those Restraints, even upon the-Principles of the Commercial System. ............... 378

PART  II. — Of the Unreasonableness of those extraordinary Restraints, upon other Principles. ................................... 391

CHAPTER IV OF DRAWBACKS ............................................................................................... 400

CHAPTER V OF BOUNTIES ...................................................................................................... 405

CHAPTER VI OF TREATIES OF COMMERCE ..................................................................... 437

CHAPTER VII OF COLONIES .................................................................................................. 447

CHAPTER VIII CONCLUSION OF THE MERCANTILE SYSTEM ................................... 522

CHAPTER IX OF THE AGRICULTURAL SYSTEMS, OR OF THOSE SYSTEMS OF PO-

LITICAL ECONOMY WHICH REPRESENT THE PRODUCE OF LAND, AS EITHER

THE SOLE OR THE PRINCIPAL SOURCE OF THE REVENUE AND WEALTH OF

EVERY COUNTRY ................................................................................................................. 539

APPENDIX  TO  BOOK IV .................................................................,.........................................562

BOOK V OF THE REVENUE OF THE SOVEREIGN OR COMMONWEALTH ............... 564

CHAPTER I OF THE EXPENSES OF THE SOVEREIGN OR COMMONWEALTH ........ 564

PART  I Of the Expense of Defence .......................................................................................................................................... 564

PART   II Of the Expense of Justice ......................................................................................................................................... 579

PART III Of the Expense of public Works and public Institutions ....................................................................................... 590

PART IV Of the Expense of supporting the Dignity of the Sovereign .................................................................................. 666

CONCLUSION .......................................................................................................................................................................... 667

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CHAPTER II OF THE SOURCES OF THE GENERAL OR PUBLIC REVENUE OF THE

SOCIETY .................................................................................................................................. 668

PART  I Of the Funds, or Sources, of Revenue, which may peculiarly belong to the Sovereign or Commonwealth ....... 668

PART  II Of Taxes ...................................................................................................................................................................... 676

CHAPTER III OF PUBLIC DEBTS ........................................................................................... 749

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8

The Wealth of Nations

AN INQUIRY INTO THE

NATURE AND CAUSES

OF

THE WEALTH OF

NATIONS

by

Adam Smith

INTR

INTR

INTR

INTR

INTRODUCTION AND PL

ODUCTION AND PL

ODUCTION AND PL

ODUCTION AND PL

ODUCTION AND PLAN OF 

AN OF 

AN OF 

AN OF 

AN OF THE

THE

THE

THE

THE

W

W

W

W

WORK

ORK

ORK

ORK

ORK

T

HE

 

ANNUAL

 

LABOUR

 of every nation is the fund which

originally supplies it with all the necessaries and

conveniencies of life which it annually consumes, and

which consist always either in the immediate produce of that labour,

or in what is purchased with that produce from other nations.

According, therefore, as this produce, or what is purchased with

it, bears a greater or smaller proportion to the number of those who

are to consume it, the nation will be better or worse supplied with

all the necessaries and conveniencies for which it has occasion.

But this proportion must in every nation be regulated by two

different circumstances: first, by the skill, dexterity, and judgment

with which its labour is generally applied; and, secondly, by the

proportion between the number of those who are employed in

useful labour, and that of those who are not so employed. What-

ever be the soil, climate, or extent of territory of any particular

nation, the abundance or scantiness of its annual supply must, in

that particular situation, depend upon those two circumstances.

The abundance or scantiness of this supply, too, seems to de-

pend more upon the former of those two circumstances than upon

the latter. Among the savage nations of hunters and fishers, every

individual who is able to work is more or less employed in useful

labour, and endeavours to provide, as well as he can, the neces-

saries and conveniencies of life, for himself, and such of his family

or tribe as are either too old, or too young, or too infirm, to go a-

hunting and fishing. Such nations, however, are so miserably poor,

that, from mere want, they are frequently reduced, or at least think

themselves reduced, to the necessity sometimes of directly destroy-

ing, and sometimes of abandoning their infants, their old people,

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